Buried at the bottom of Mark Zuckerberg&rsquo,s fresh year&rsquo,s resolution postbode yesterday wasgoed a promise to examine cryptocurrencies and to figure out the best way to use them ter Facebook&rsquo,s services. He&rsquo,s only five and a half years behind his longtime antagonists, the Winklevoss twins, who have become cryptocurrency billionaires since buying their very first bitcoin ter the summer of 2012.
A quick recap of the Winklevoss-Zuckberg relationship:
Te the winter of 2003, Tyler and Cameron Winklevoss were undergraduates at Harvard attempting to launch a dating webstek for students at the university. They hired a sophomore named Mark Zuckerberg to help them code parts of it. Zuckerberg signed on. That fateful meeting meeting led to the creation of the world&rsquo,s largest social network, Facebook, an Oscar-winning filmrolletje by Aaron Sorkin, and an acrimonious constitucional battle that turned the Winklevosses (sometimes referred to spil Winklevii) into multi-millionaires.
The Winklevosses got $20 million te metselspecie and Facebook stock spil part of their settlement, according to the Fresh York Times. That stake wasgoed worth overheen $200 million when Facebook went public ter 2012. The twins used some of their Facebook millions to buy into a fringe phenomenon that wasgoed gripping the imagination of techno-libertarians, who claimed it wasgoed a fresh type of digital money: bitcoin.
The Winklevosses bought up 1% of all bitcoins te circulation at the time. That would have cost them around $1.Two million, since bitcoin wasgoed trading at about $Ten a coin then. Last December, that stake wasgoed worth $1.Three billion (paywall)&mdash,a thousandfold terugwedstrijd te five years. The twins also took a stake ter BitInstant, an early bitcoin exchange that ended with its founder te prison, and now operate Gemini, an exchange that&rsquo,s significant enough to be used by the Chicago Houtvezelplaat Options Exchange to set bitcoin futures prices.
Zuckerberg will take his very first steps into a technology where the Winklevosses are old forearms, and where fortunes rivalling his own have bot generated seemingly overnight. Take Chris Larsen, a co-founder of a cryptocurrency called ripple, whose holdings of the crypto coin were worth $37.Trio billion a few days ago, making him the 15th richest American, according to Forbes.
Of course, that&rsquo,s still Ten catches sight of under and about $40 billion brief of Zuckerberg&rsquo,s nipt worth, but it illustrates the stark divide inbetween the cryptomarkets and traditional haber markets, where a big-money IPO is no longer the only route to immense wealth. Zuckerberg will soon detect a market that is far more volatile and far less regulated than the tech toneel he rules.
And the Winklevosses will be right there waiting for him.